Sunward announces significant discovery of new gold-copper porphyry at Titiribi
02 Feb, 2012, 09:00 ET
Junta zone discovery hole returns 43.7 metres averaging 0.78 grams per tonne gold, 0.41% copper
Additional drill holes at Junta intersect widespread copper mineralization
Titiribi is emerging as major gold-copper district
VANCOUVER, Feb. 2, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX-V: SWD; OTCQX: SNWRF) announced today the discovery of near surface, gold-copper mineralization on the Junta zone of the 100%-owned Titiribi project located approximately 70 kilometres southwest of the city of Medellin, Colombia. The successful drilling at Junta represents the first discovery of significant mineralization outside of the more advanced Cerro Vetas and Chisperos zones, which currently host the entirety of the gold-copper resource at Titiribi.
Discovery hole JT009 intercepted 43.7 metres of mineralization with a weighted average grade of 0.78 grams per tonne gold and 0.41% copper, from 9.6 to 53.3 metres downhole depth. Significantly, this interval includes a higher-grade zone of 15.9 metres averaging 1.39 grams per tonne gold and 0.63% copper, from 18.6 to 34.5 metres downhole depth.
"This major Junta discovery, which occurred only on the ninth hole into the drilling campaign, turns Titiribi into one of the most significant gold-copper districts in the world," said Colin J. Andrew, Sunward's Chief Executive Officer. "While Junta is a completely new mineralization, it is similar in tenor to that observed at the Cerro Vetas zone which hosts a multi-million-ounce 43-101-compliant resource. The fact that this discovery occurred at such an early stage in the exploration program is particularly rewarding as we look forward to building upon our exploration success at Titiribi."
The Junta target is located less than 2,000 metres southeast of the Cerro Vetas and Chisperos zones. The target is defined by outcropping mineralized diorites with coincident copper, gold and silver soil geochemical anomalies. The target also lies along a principal fault structure. Mineralization at Junta appears to occur at a higher structural level than elsewhere in the district as indicated by enhanced levels of volatile elements and silver (up to 10 grams per tonne in mineralized zones), and shows a significant proportion of primary bornite in addition to chalcopyrite.
The Junta stock is at least 300 metres wide in an east-west direction and extends for approximately 350 metres in a north-south direction, comprising an apophysis of diorite associated with copper-dominant, disseminated porphyry-style mineralization. Initial drilling at the Junta target (drill holes JT001 to JT008) encountered a broad, near-surface zone of copper mineralization, consistent with grades at the Cerro Vetas zone. Hole JT001 intersected 136.4 metres with a weighted average grade of 0.15% copper, from 58.8 to 195.2 metres downhole depth; hole JT002 intersected 281.4 metres averaging 0.13% copper, from 0.0 to 281.4 metres downhole depth; and hole JT008 intersected 93.0 metres grading 0.17% copper, from 180.8 to 273.8 metres downhole depth. Gold grades within these holes averaged between 0.2 and 0.1 grams per tonne.
Interpretation of core from this initial drilling suggested that the Junta intrusive is strongly brecciated, particularly on its north-western margin, showing both tectonic and hydraulic fracture styles which appear to control higher-grade gold-copper mineralization. Drill hole JT009 was positioned to intercept one of these breccia zones in the central portion of the Junta intrusive and was successful in intersecting not only pervasive copper mineralization but also enriched gold grades. Recent mapping suggests that prospective zones of the Junta intrusive extend toward the southwest where strongly phyllically-altered diorites are observed in outcrop. This area has not been drill-tested to date. The company is now planning follow-up work based on the results from this initial drilling campaign.
A complete table of intercepts for recent drilling at Junta is included below. A map of these drill hole locations can be found at www.sunwardresources.com.
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Colin J. Andrew, CEng MIMMM, FGS is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
About The Company:
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration of gold/copper porphyry projects in Colombia. The Company has strong operational expertise in Colombia and is currently drilling its Titiribi Project southwest of Medellin with a goal of increasing the NI 43-101 Indicated and Inferred resources.
About the Titiribi Project:
Sunward Resources' Titiribi project hosts an NI 43-101-compliant Indicated Mineral Resource of 2.2 million ounces of gold within 142.94 million tonnes grading 0.480 grams/tonne gold and 0.148% copper and an Inferred Mineral Resource of 6.08 million ounces of gold within 372.7 million tonnes grading 0.507 grams/tonne gold and 0.078% copper, both assessed using a 0.3 grams/tonne gold cut-off. Based on the above, Titiribi also hosts 465.9 million pounds of copper in the Indicated Resource and 645.7 million pounds of copper in the Inferred Resource. Titiribi thus contains 3.50 million ounces of gold equivalent in the Indicated Resource category and a further 7.90 million ounces of gold equivalent in the Inferred Resource category, calculated on the basis of a gold price of $1,114 per ounce and a copper price of $3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
The Titiribi project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Mineralization at Titiribi is hosted within a number of porphyry stocks and porphyritic dikes and sills. The dominant mineral associated with mineralization is chalcopyrite, which occurs as disseminations and in veinlets. Plagioclase and secondary biotite are also significant within the mineralized assemblage. Mineralization appears to be related to extensive potassic alteration, with propylitic and argillic alteration also widespread, along with lesser phyllic alteration.
Over 68,000 metres of drilling has been completed at Titiribi to date, including approximately 14,600 metres completed historically by previous operators, including Gold Fields and Windy Knob Resources, along with over 50,000 metres completed by Sunward Resources Limited. Eleven drill rigs are currently on site and are now focused on resource definition and expansion drilling at the Cerro Vetas and Chisperos zones.
Sample Preparation Assays QA/QC:
Drill core was logged, cut and sampled by Sunward personnel at the Company's facilities in Colombia. In the case of the drilling results referred to herein the samples were prepared at Inspectorate America's sample preparation facility in Medellin, Colombia and then analyzed at Inspectorate America's ISO 9001:2000 accredited laboratory in Reno, Nevada, USA, a facility that follows internationally accepted methods and procedures and has stringent quality control and assurance practices.
At the sample preparation facility in Medellin the samples were crushed to >80% passing -10 mesh using a terminator jaw crusher; split to 250 grams; pulverized using a LM2 ring pulverizer to over 90% passing -150 mesh; split into 125 grams aliquots which were then sent to Inspectorate America's laboratory in Reno for assay. Gold was analyzed by fire assay with Inductive Coupled Plasma (ICP) finish with a lower detection limit of 2 ppb. Samples above 5 grams per tonne were assayed by fire assay with gravimetric finish. In addition to gold a suite of 30 other elements including silver and copper were assayed by ICP-AES following an aqua regia digest. Blanks, field and laboratory duplicates duplicate samples and a number of internationally approved and registered analytical standard samples were routinely randomly inserted into the preparation and analysis process as part of Sunward's normal quality assurance and quality control program. Any analytical batch of assays wherein inserted standards assayed without the acceptable limits are rejected.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Sunward Resources Ltd. and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sunward Resources Ltd. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Sunward Resources Ltd. disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
SUNWARD RESOURCES LTD.
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